Copper rose to a near-five-month high at the start of the week after China unveiled a special action plan to revive consumption, boosting sentiment in the commodities complex, ING's commodity experts Ewa Manthey and Warren Patterson note.

The property sector is yet to bottom

"The policy package includes efforts to increase household income, spur spending, and support population growth. Fresh data was also released for the first two months of the year showing Chinese consumption, investment, and industrial production exceeded estimates."

"Still, the property sector is yet to bottom. China's new home prices and existing home prices continued to slide month-on-month. China’s property market remains the biggest drag on demand for copper and other industrial metals. A further boost for China’s property sector will be crucial in supporting demand long-term."

"Copper is up around 12% so far this year, driven mostly by uncertainty over Trump’s trade policies. Tariff news is likely to continue to dictate price direction in the months ahead."